Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 18,482 - -
Change - -45.33% 20.17% 33.02% 56.59% -49.17% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 3,170 1,441 -685
Change - -79.44% 46.56% 63.31% 85.24% -86.91% -54.55% -147.54%
P/E -8.03x -64.7x 23.5x 14.5x 13x 8.93x 8.22x 7.54x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.23x 1.08x 0.95x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.95x 0.84x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.18x 2.01x 1.87x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.37x 0.16x -0.07x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 1.68x 0.65x -0.28x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 1.69x 0.67x -0.29x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 1.49x 0.61x -0.27x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 67.2% 163% -371%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.27% 3.93%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.838 10.69 11.65
Distribution rate - - - - - - 10.4% 29.6%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,459 9,196 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,887 2,215 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,872 2,149 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,068 2,277 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -15,312 -17,042 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 87.87 87.87 87.87
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,330 - -
Announcement Date 24/3/22 23/2/23 29/2/24 20/2/25 11/2/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.03x0.4x1.79x-.--% 2.75B
21.29x2.68x12.46x3.06% 38.03B
34.63x1.68x17.26x0.39% 5.24B
12.81x1.37x6.33x1.52% 1.07B
10.97x0.73x3.59x2.41% 1.02B
9.35x - - - 146M
-3.71x - - - 73.69M
7.49x-0.03x-0.4x - 49.98M
Average 12.73x 1.14x 6.84x 1.47% 6.05B
Weighted average by Cap. 21.54x 2.37x 12.04x 2.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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